Interest Rates – Mortgage Rates

Interest Rates – Mortgage Rates

Bank of England Base Rate remained at 0.50% from March 2009 to August 2016 when it reduced to just 0.25%, which has helped many people with mortgages – some have benefitted considerably. Those who have been on Tracker mortgages have gained the most, with some paying little or no interest at all!

All good things must come to an end and in the case of mortgage interest rates, the end appears to be in sight.

There is always speculation that the Bank of England will start raising interest rates and this has increased this spring after the latest government figures for the cost of living showed the annual inflation rate rising to 2.7% last month.

However, there are many commentators who believe Bank Rate will remain at or just above current levels until (at least) after Brexit.

Of course, all of this is speculation and things may happen differently. Some Lenders have already started increasing their rates, so we may well have already seen the lowest mortgage rates.

The big question is; should you be seeking a Fixed Mortgage Rate now or wait a while longer to see how this current situation plays out? It is very similar to trying to time stock market investments by getting in at the ‘bottom’. As far as mortgage rates are concerned, have we just gone past that point?

Surely now, more than ever, is the time to seek impartial Independent Advice – we can help you find the best mortgage rates.